NEW BRIGHTON, Minn. (8/8/12)--CU Companies has added 33 partners since beginning its correspondent lending channel last year, surpassing its goal by 65%.
As a part of the correspondent lending service standards, CU Companies does not back-solicit borrowers. The program includes a website, direct access to on-site underwriters, tools and technological resources.
"Obviously, our pricing gets attention because it allows our partners to earn extra income that wasn't there before," said Brad Crandall, CU Companies CEO. "They also see that by CU Companies underwriting the file, we also assume the risk. Those two things have always been huge factors in mortgage lending, and even more so in today's financial world."
Currently, the program is offered in Illinois, Iowa, Minnesota, Missouri, North Dakota, South Dakota and Wisconsin.
To finish off its fiscal year, CU Companies added four credit union partners to its correspondent lending channel during June and July. They include:
- Black Hills FCU, Rapid City, S.D.;
- First Community CU, Beloit, Wis.
- Minnesota Valley FCU, Mankato, Minn.; and
- Prime Financial CU, Cudahy, Wis.